Pekin Hardy Strauss Inc. Lowers Holdings in Devon Energy Co. (NYSE:DVN)

by · The Markets Daily

Pekin Hardy Strauss Inc. lowered its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 229,692 shares of the energy company’s stock after selling 1,112 shares during the quarter. Devon Energy comprises about 1.1% of Pekin Hardy Strauss Inc.’s holdings, making the stock its 14th largest position. Pekin Hardy Strauss Inc.’s holdings in Devon Energy were worth $8,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Larson Financial Group LLC raised its holdings in shares of Devon Energy by 5.1% in the 3rd quarter. Larson Financial Group LLC now owns 47,879 shares of the energy company’s stock worth $1,873,000 after purchasing an additional 2,329 shares during the period. StoneX Group Inc. increased its position in shares of Devon Energy by 3.1% in the third quarter. StoneX Group Inc. now owns 21,865 shares of the energy company’s stock worth $855,000 after acquiring an additional 659 shares in the last quarter. Pitcairn Co. raised its stake in shares of Devon Energy by 99.0% in the 3rd quarter. Pitcairn Co. now owns 42,383 shares of the energy company’s stock valued at $1,658,000 after acquiring an additional 21,083 shares during the period. Algert Global LLC lifted its holdings in shares of Devon Energy by 15.5% during the 3rd quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock valued at $439,000 after acquiring an additional 1,510 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of Devon Energy by 97.7% during the third quarter. Cerity Partners LLC now owns 208,596 shares of the energy company’s stock worth $8,160,000 after purchasing an additional 103,094 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 1.9 %

DVN opened at $39.45 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 12 month low of $37.76 and a 12 month high of $55.09. The stock’s 50 day moving average price is $39.94 and its 200 day moving average price is $43.95. The stock has a market cap of $25.91 billion, a P/E ratio of 7.32, a P/E/G ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $1.65 earnings per share. As a group, research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Analyst Ratings Changes

DVN has been the subject of several analyst reports. StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley decreased their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Susquehanna cut their price target on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Finally, Scotiabank decreased their price objective on shares of Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Hold” and an average price target of $51.85.

Read Our Latest Analysis on Devon Energy

Devon Energy Profile

(Free Report)

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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